Lloyds TSB International says it has become the first bank of its type to scrap money transfer frees for new and existing clients from 30 May, highlighting moves by such firms to win market share among expatriate customers.

Holders of Lloyds’ Bank’s Premier International Account will no longer be charged a transfer fee to move currency to any overseas bank account, whether it involves currency exchange or not and regardless of how they request the transfer – online, by telephone or by post, the bank said.

The bank, part of the UK-headquartered Lloyds Banking Group, argues that no-fee international money transfers will be welcomed by many of the 34 per cent of expats, some 1.87 million persons, who transfer money internationally at least once a quarter at an average cost of £15.10 per transfer.

According to a weighted survey of 1,030 expats, commissioned by Lloyds TSB International, some 18 per cent of expats transfer money overseas monthly, weekly or more frequently still.  

The survey found that 57 per cent of expats are concerned about foreign exchange rate fluctuations and the adverse impact these can have on finances; some 17 per cent of respondents list such fluctuations as “one of their main financial concerns” for the year ahead.

The survey was carried out among clients in Australia, Spain, US, Canada, France, New Zealand, South Africa, Germany, UAE and Hong Kong.

There are approximately 5.5 million British expats around the world, according to the Institute for Public Policy Research (2006 – the latest accurate data available).